UPDATE 1-Inchcape profit tops forecast, to resume dividend

* H1 underlying profit 115.2 mln stg vs forecast 88-100 mln

* To pay a final dividend

* Says strength in emerging mkts to help in uneven recovery

(Adds detail, background)

LONDON, July 29 (Reuters) - Multinational car dealer Inchcape (INCH.L) beat first-half profit forecasts and said it would reinstate its dividend, believing its strength in emerging markets will be an advantage in an uneven economic recovery.

The British-based firm, which sells and distributes cars for manufacturers including BMW (BMWG.DE) and Honda (7267.T) in 26 countries, said on Thursday it made profit before tax and one off items of 115.2 million pound ($179.9 million) in the six months ended June 30.

That is up 68 percent at constant exchange rates and above forecasts of 87.8 million to 100.2 million pounds, according to a Reuters poll of seven analysts.

The group said it would pay a final dividend this financial year, having scrapped the payout during the depths of the economic downturn in late 2008.

"We expect the continuation of an uneven global recovery as the austerity measures from a number of European governments including the UK could weaken consumer confidence, slowing down the recovery that is being driven by strong growth in Asia Pacific and the Emerging Markets," it said.

"We currently expect continued growth in Hong Kong, Australia, New Zealand, South America, Finland, Africa and the smaller Asian markets; the start of an industry recovery in Russia and in the Baltics; flat demand in Belgium but an industry decline in Greece, Singapore, the UK and the Balkans."

Inchcape said it was confident of a "strong performance" overall in 2010, helped by the fact it makes 62 percent of its profits in Asia-Pacific and emerging markets, which it thinks will be more sheltered from economic headwinds.

Inchcape shares have outperformed the UK general retail index .FTASX5370 by about 12 percent this year. They closed at 313.5 pence on Wednesday, valuing the business at about 1.5 billion pounds. ($1=.6402 Pound) (Reporting by Mark Potter; editing by Simon Jessop)